U.S. climate envoy Kerry: We need multilateral development bank reform

Multilateral development bank reform is absolutely critical, U.S. climate envoy John Kerry said on Wednesday, speaking at a Bloomberg side event at the COP27 summit in Egypt. "We absolutely need to have multilateral development bank reform. We need to do it by the next spring meeting of the banks," Kerry said.

Multilateral development bank reform is absolutely critical, U.S. climate envoy John Kerry said on Wednesday, speaking at a Bloomberg side event at the COP27 summit in Egypt.

"We absolutely need to have multilateral development bank reform. We need to do it by the next spring meeting of the banks," Kerry said. "We need to put to use rules which actually allow a major significant drawing on capital above what we have, without a new capital infusion to the banks, and which also does not affect their triple A ratings. That can be done."